A swathe of other banks floated in the UK in the past year, including Virgin Money, Aldermore, Shawbrook Bank and TSB.

But Santander shows no signs of taking the plunge into the public markets.

The bank’s former chief executive, Ana Botin, had been mulling the float, but she moved to head Santander’s global group in Spain following the death of her father, Emilio Botin, last September.

Ana Botin

Since then, she has not given any further public hints on the flotation, and it is thought that her replacement as UK boss, Nathan Bostock, is still planning the bank’s future.

"I joined Santander UK in 2011 primarily to help prepare the company for an IPO. Given this will not now proceed in the near term, I have decided to take a career break and become reacquainted with my family,” Mr Jones said.

“I have thoroughly enjoyed my time with Santander, for whose management I have the highest regard, and wish it every success for the future.”

He will leave the bank in October, to be replaced by finance director Antonio Roman.

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